Reonomy looks to Canada and Western Europe following $30M funding round
Sapphire Ventures, Bain Capital and Softbank backed the Series C
Reonomy has its sights set on Canada and Western Europe, after it secured $30 million in a new fundraising round.
The Series C funding round led by Sapphire Ventures brings the company’s total fundraising to $68.4 million, and comes just months after a $16 million Series B funding round. Existing investors Bain Capital Ventures and Softbank Capital joined the most recent round.
The flurry of activity follows a three-year hiatus from fundraising, during which the company rolled out its product nationally, starting in New York and expanding to 3,000 counties and 20,000 municipalities. As part of a Series B funding round in February, Reonomy announced a partnership with Newmark Knight Frank.
“We’ve tried to be disciplined,” said Richard Sarkis, the company’s chief executive and co-founder. “I did not want to raise additional funds until the market was pulling us forward.”
In addition to expanding to markets in Canada and Western Europe, Sarkis said the firm also plans to double its headcount in the next 12 to 18 months with the new funding. It also expects to develop products that target occupiers, and another for predictive analytics, but Sarkis would not provide further details.
“We’re taking advantage of the fact there isn’t this common data standard,” Sarkis said. He added that the company had doubled its top line revenue, year-to-date, but would not provide a specific figure.
Reonomy maintains public data on more than 50 million commercial properties and currently holds partnerships with more than two dozen firms, including Avison Young, Cushman & Wakefield and WeWork. Through its web application, users can refine property searches with 300 filters including ownership information, while its enterprise product is used by companies to reconcile data with unique identifiers.
“Because CRE markets are so large, the data problem can be particularly tricky — with layers of messy data — and our diligence uncovered strong customer demand for more and better data delivered through clean APIs and applications,” David Hartwig, managing director of Sapphire Ventures, said in a statement.